The U.S. Treasury has removed Vietnam and Switzerland from the list of nations labeled as currency manipulators, reversing a decision made by the Trump administration in December.
In its semi-annual report to Congress on currency manipulation, the first under the Biden administration, the U.S. Treasury Department said Friday that no country currently meets the U.S. criteria as a manipulator. It said, however, that Vietnam, Switzerland, as well as Taiwan will be under enhanced monitoring.
The Treasury did not designate China as a currency manipulator, something the Trump administration had done in 2019 during a tense trade stand-off with the world's second largest economy.
The Treasury said Vietnam, Switzerland and Taiwan would be subject to “enhanced engagement" over currency issues, a lower designation that does not carry immediate risks of U.S. trade sanctions.
